Digital lending platform Blend has signed a definitive agreement to acquire Mr. Cooper Group’s title business Title365 in a $500m deal.

As agreed, Mr. Cooper Group will receive $450m in cash and will retain a 9.9% interest in the company, subject to certain adjustments.

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Title365 provides title insurance and settlement services.

The acquisition will integrate Title365’s services with Blend’s cloud-based platform expediting title and settlement processes for homebuying.

Blend co-founder and CEO Nima Ghamsari said: “Since its inception, Blend has been on a mission to create a simpler, more transparent, more accessible financial services ecosystem with the power to help more people reach their financial goals, like purchasing a home.

“Title and settlement are manual, time-consuming processes for consumers and lenders, and by bringing all parties into the same automated platform we can vastly improve the experience.

“With an intense focus on its customers and operational efficiency, Title365 is the right match to help us scale our efforts and make an immediate impact in that space.”

Title365 president Kristen Estrella said: “Together we have the power to simplify the process for real estate agents, lenders and servicers, insurers, and others, by leveraging our industry expertise to offer a seamless experience for consumers.”

The acquisition is expected to close in the second quarter of this year, subject to regulatory approvals and customary closing conditions.

Once the transaction completes, Title365 team will migrate will join Blend.